Organizations are constantly looking for new ways and methodologies to improve their performance and gain a competitive advantage. As they seek improvements to their own business processes, many organizations recognize the importance of learning from best practices that have been achieved by other organizations.
By removing the need to ‘reinvent the wheel’ and providing the potential to adopt proven practices, benchmarking has become an important methodology in organizational development. Benchmarking is “comparing the performance levels of organizations for a specific process or activity and capturing, analyzing and implementing best practices”.
There are many case studies focusing on the success gained through benchmarking. The best of these are the experiences at Xerox and Chrysler. One study of Fortune 500 companies found some compelling figures relating to first year payback from benchmarking projects.
Within organizations of ‘average’ benchmarking experience and average of $76 million payback was reported by more than 30 of these companies for their most successful benchmarking projects. And from ‘more experienced’ organizations, this figure was a staggering $189.4 million. Even among developing organizations, this study found an average first year payback levels at $370,000.
Over the years, there have been many benchmarking works being developed such as Robert Camp’s 10-step Xerox methodology, Sylvia Codling’s 12-step methodology, McNair & Leibfried’s methodology, J.A. Schmidt methodology, Pricewaterhouse’s methodology amongst many others.
With 6 types of benchmarking options to choose from, Internal, Competitor, Functional, Generic, Product and Strategic benchmarking, where do you start and what do you benchmark?
Through our unique partnership with the Centre for Organisational Excellence Research (COER), Massey University New Zealand, individuals and organizations are now able to develop professional competency in performance and best-practices benchmarking with COER’s propriety ‘TRADE’ 5-stage benchmarking methodology training, and certification via MgDelxis’ public workshops or customized in-house trainings.
For the calendar of the upcoming public Benchmarking workshops, please visit. For your very own customized corporate in-house learning program, please email email@example.com or call us at +65 6841 1379 for a non-obligatory discussion.